Mattel (MAT): Turnaround Gaining Traction - Jefferies
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Jefferies analyst, Trevor Young, reiterated his Buy rating on shares of Mattel Inc. (NASDAQ: MAT) after the company reported 3Q results.
An $18m (+1%) revenue beat was broad-based, with 8 of 9 sub-segments delivering positive CC growth. AG (+15%) turned sharply positive on Toys "R" Us/Kohls distribution, while Barbie continued its solid momentum (+17% CC vs. +14% YTD). 3Q GM slightly above guidance makes it easier to hit FY targets. Slight (-$0.01) EPS miss not worrisome given high interest expense and fewer adjustments. No change to the price target of $36.
Shares of Mattel Inc. closed at $30.62 yesterday.
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